NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Systematix Research Report
APL Apollo Tubes Ltd.’s Q4 FY24 Ebitda (excluding other income) of Rs 2.8 billion (-15.6%/ +0.3% YoY/QoQ) was 4% below our estimate, as margins from value-added products came lower than expected.
APL Apollo reported revenue of Rs 47.6 billion (+7.6%/14.1% YoY/QoQ), 8% above our estimate on superior realisations. Adjusted profit after tax reported 679 kt in sales volume this quarter, clocking 4.5%/12.4% YoY/QoQ growth, with a blended realisation of Rs 70,188/tonne.
Realisation grew by 2.9%/1.5% YoY/QoQ despite a 7.7%/7.9% fall in HRC prices, respectively. Overall Ebitda/tonne in Q4 was Rs 4,132 versus our estimate of ~Rs 4,538, due to lower margins from key segments. Ebitda margin of rust-proof structures in the VAP segment fell continuously for the fifth consecutive quarter resulting in a sharp 33.6%/20.8% YoY/QoQ fall in Ebitda/tonne at Rs 4,865.
Margins in other VAP segments, including heavy, super-heavy, and light structures, also fell during the quarter. The share of general structures in the sales mix was 40%, where Ebitda/tonne fell by 31% YoY.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
RECOMMENDED FOR YOU
.jpg?rect=0%2C0%2C3500%2C1969&w=75)
'Sell' Nykaa Shares Maintains Dolat Capital Despite Healthy Q1 Topline Citing Rich Valuations

Tube Investments Q1 Results: Profit Declines To Rs 303 Crore


Laurus Labs Founder Sees Strong CDMO Pipeline With More Than 100 Active Projects


APL Apollo Tubes Shares Downgraded To 'Add' By Yes Securities Post Q1 Results — Check Target Price
